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Topchain (TOPC)

Correlation

0.74

Influence

54.76%

Bitcoin and Topchain Correlation

Does Topchain depend on Bitcoin? According to the correlation analysis, BTC and TOPC have a very strong positive relationship. The correlation coefficient of their prices is 0.74, which was computed based on the previous 100-days' price fluctuations of both coins.

This coefficient may change from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.

The negative coefficient shows that the prices of the assets are going in the reversed direction while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and Topchain connection is positively strong, it means that when BTC is rising TOPC will rise as well. The negative strong relation will indicate that when BTC is growing TOPC value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Topchain. If we take all the factors affecting the price of TOPC as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other things, such as news, technological releases or regulations.